Market Moving News: EUR/USD - Mar 16

By IBT Staff Reporter On 03/16/10 AT 12:05 AM

Eur/usd - 1.3735 ... Despite early rally to 1.3796 in European session after triggering stops at 1.3710, 1.3740 n 1.3780/90 in part due to active cross buying in euro versus the Japanese yen, the single currency moved lower on profit-taking on the release of much better-than-expected U.S. retail sales data although University of Michigan sentiment came in lower-than-expected at 72.5 versus economists' forecast of 73.6. Offers are tipped at 1.3760/65, 1.3780/85 n further out at 1.3795/00. On the downside, some bids are located at 1.3715/20 n 1.3700/05